Moderate revenue growth and slight improvement in profitability: FY18full year adjusted earnings grew by 8.6% mainly on account of revenue growth of 16.5% owing to improved volumes. EBITDA margin has witnessed a minor improvement (30 bps) to reach 9.7% for FY18. We expect the revenue to grow at a decent 5.5% CAGR along with an EBITDA expansion of 80 bps to reach 10.5% by FY20E.